. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . This Official Statement does not constitute an offer to sell the Bonds in any jurisdiction in which or to any person to whom it is unlawful to make such an offer. No dealer, salesperson or other person has been authorized by the Authority, the University or the Underwriters to give any information or to make any representations, other than those contained herein, in connection with the offering of the Bonds and, if given or made, such information or representations must not be relied upon. The information relating to the Authority set forth herein under the captions THE AUTHORITY and REGULATORY MATTERS AND LITIGATION The Authority has been furnished by the Authority. The Authority does not warrant the accuracy of the statements contained herein relating to the University, nor does it directly or indirectly guarantee, endorse or warrant (1) the creditworthiness or credit standing of the University, (2) the sufficiency of the security for the Bonds or (3) the value or investment quality of the Bonds. The Authority makes no representations or warranties whatsoever with respect to any information contained herein except for the information under the captions THE AUTHORITY and REGULATORY MATTERS AND LITIGATION The Authority. The Underwriters have provided the following sentence for inclusion in this Official Statement. The Underwriters have reviewed the information in this Official Statement in accordance with, and as part of, their responsibilities to investors under the federal securities laws as applied to the facts and circumstances of this transaction, but the Underwriters do not guarantee the accuracy or completeness of such information. Estimates and opinions are included and should not be interpreted as statements of fact. Summaries of documents do not purport to be complete statements of their provisions. The information and expressions of opinion herein are subject to change without notice, and neither the delivery of this Official Statement nor any sale made hereunder shall, under any circumstances, create any implication that there has been no change in the affairs of the Authority or the University since the date hereof. See CERTAIN INVESTMENT CONSIDERATIONS herein. In connection with this offering, the Underwriters may overallot or effect transactions that stabilize or maintain the market price of the Bonds at levels above those which might otherwise prevail in the open market. Such stabilizing, if commenced, may be discontinued at any time. TABLE OF CONTENTS INTRODUCTION ............................................. 1 The University ............................................. 11 General ........................................................... 1 FORWARD-LOOKING STATEMENTS ....... 11 Purpose of the Bonds ..................................... 1 TAX MATTERS ............................................. 12 The University ............................................... 1 APPROVAL OF LEGAL PROCEEDINGS ... 14 The Bonds ...................................................... 2 UNDERWRITING .......................................... 14 Security for the Bonds .................................... 2 CERTAIN RELATIONSHIPS ........................ 15 Continuing Disclosure .................................... 2 INDEPENDENT ACCOUNTANTS ............... 15 Miscellaneous ................................................ 3 RATINGS ........................................................ 15 THE AUTHORITY ........................................... 3 CONTINUING DISCLOSURE ....................... 15 General ........................................................... 3 MISCELLANEOUS ........................................ 16 Organization and Membership ....................... 3 STANFORD UNIVERSITY Outstanding Indebtedness of the (INCLUDING FINANCIAL Authority ........................................................ 3 STATEMENTS AND PLAN OF FINANCE ......................................... 4 DISCUSSION OF FINANCIAL SOURCES AND USES OF FUNDS ................. 4 RESULTS) ................................ APPENDIX A THE BONDS ..................................................... 4 SUMMARY OF PRINCIPAL LEGAL General ........................................................... 4 DOCUMENTS .......................... APPENDIX B Redemption and Redemption Price ................ 5 BOOK-ENTRY SYSTEM ........... APPENDIX C SECURITY FOR THE BONDS ........................ 8 FORM OF CONTINUING ENFORCEABILITY OF REMEDIES .............. 9 DISCLOSURE CERTAIN INVESTMENT AGREEMENT .......................... APPENDIX D CONSIDERATIONS ..................................... 9 FORM OF BOND COUNSEL REGULATORY MATTERS AND OPINION .................................. APPENDIX E LITIGATION ............................................... 11 The Authority ............................................... 11 $170,350,000 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY REVENUE BONDS (STANFORD UNIVERSITY) SERIES U-7 INTRODUCTION This Introduction does not purport to be complete, and reference is made to the remainder of this Official Statement, the Appendices and the documents referred to herein for more complete statements with respect to the matters summarized. Capitalized terms not otherwise defined will have the meanings set forth in Appendix B SUMMARY OF PRINCIPAL LEGAL DOCUMENTS Definitions. General This Official Statement, including the cover page and Appendices hereto (this Official Statement), provides certain information in connection with the offering of $170,350,000 aggregate principal amount of California Educational Facilities Authority Revenue Bonds (Stanford University) Series U-7 (the Bonds). The Bonds will be issued pursuant to the provisions of the California Educational Facilities Authority Act, constituting Chapter 2 (commencing with Section 94100) of Part 59 of Division 10 of Title 3 of the Education Code of the State of California, as amended (the Act), and the Indenture (defined below). The Bonds will be issued pursuant to and secured by an Indenture, dated as of May 1, 2010, as supplemented from time to time, including by a Fifth Supplemental Indenture, dated as of June 1, 2016 (as supplemented, the Indenture), between the California Educational Facilities Authority (the Authority) and The Bank of New York Mellon Trust Company, N.A., as trustee (the Trustee). The Authority will lend the proceeds of the Bonds to The Board of Trustees of the Leland Stanford Junior University (the University) pursuant to a Loan Agreement, dated as of May 1, 2010, as supplemented from time to time, including by a Fifth Supplemental Loan Agreement, dated as of June 1, 2016 (as supplemented, the Loan Agreement), between the Authority and the University. Purpose of the Bonds The Authority approved the issuance of the Bonds to finance and/or refinance certain capital projects of the University pursuant to Resolution No. 273, adopted on March 17, 2010, as amended by the First Amendment to Resolution No. 273, adopted on April 25, 2013, the Second Amendment to Resolution No. 273, adopted on April 24, 2014, and the Third Amendment to and Reinstatement of Resolution No. 273, adopted on May 26, 2016 (as amended, the Series U Resolution). The Authority will lend the proceeds of the Bonds to the University pursuant to the Loan Agreement in order to finance or refinance certain capital projects of the University. See PLAN OF FINANCE and SOURCES AND USES OF FUNDS herein. The University Founded in 1885, The Leland Stanford Junior University is one of a select group of universities that has achieved eminence in both undergraduate and graduate education and in a broad range of academic disciplines. It is internationally recognized for the quality of its teaching and research, its distinguished faculty and its outstanding student body. 1 For additional information concerning the University, see Appendix A STANFORD UNIVERSITY (INCLUDING FINANCIAL STATEMENTS AND DISCUSSION OF FINANCIAL RESULTS) attached hereto. The Bonds The Bonds are to be dated as of the date of their initial issuance and delivery. The Bonds are issuable in fully registered, book-entry form, and have interest and payment terms as set forth in the Indenture and as described herein. See THE BONDS. The Bonds, when issued, will be registered in the name of Cede & Co., as nominee of The Depository Trust Company (DTC). DTC will act as securities depository of the Bonds. Individual purchases of the Bonds will be made in book-entry form only. Principal of and interest on the Bonds will be payable by the Trustee directly to DTC, as the registered owner of the Bonds. Upon receipt of payments of principal and interest, DTC is to remit such principal and interest to the DTC